Narmac, Next, this kind of discounting of the equity, even on this small placement, does make one wonder about where this company will wind up in terms of how it will be valued. To me the scientific successes, the increased involvement of prominent collaborators and the involvement of the NIH reflect increasing value and this should be reflected in all equity issues, even small ones.  JMO but I would think that with what has happened in the last while that Zenith could be considered now more valuable than Constellation was when it was sold. I don't think the money is a big deal for this particular placement but I think it sends the wrong message for future placements.

I don't think that Zenith will try to go head to head with BP's because 1) their strategy is to enhance multiple other drugs and 2) I think a true go it alone would likely slow down a commercialization effort down the road that would benefit from/require collaboration. JMO